Welcome to our dedicated page for Runway Growth Finance news (Ticker: RWAY), a resource for investors and traders seeking the latest updates and insights on Runway Growth Finance stock.
Runway Growth Finance Corp. (Nasdaq: RWAY) is a specialty finance company dedicated to providing senior secured loans to high-growth-potential companies across a variety of industries including technology, life sciences, healthcare information and services, business services, and select consumer services and products. The company leverages its capital, as well as relationships and expertise, to help dynamic companies achieve their fullest potential.
Founded in 2015 and managed by Runway Growth Capital LLC, an established registered investment advisor led by industry veteran David Spreng, Runway Growth is a closed-end investment fund regulated as a business development company under the Investment Company Act of 1940. With a robust portfolio primarily concentrated in the United States, but also featuring investments in Germany and Canada, Runway Growth focuses on late- and growth-stage businesses that seek an alternative to raising equity.
Runway Growth's recent achievements include a strategic joint venture with Cadma Capital Partners LLC to form Runway-Cadma I LLC, aimed at financing private and sponsor-backed late- and growth-stage companies with a financing capacity of up to $200 million. This collaboration is set to enhance asset origination and deliver quality returns while maintaining excellent credit quality.
In 2023, Runway Growth reported a total investment income of $39.2 million for the fourth quarter, compared to $36.5 million in the same period in 2022. Despite a challenging economic environment, the company maintained industry-leading credit quality and expanded its return on equity by 33 basis points. As of December 31, 2023, the company's investment portfolio had an aggregate fair value of approximately $1.0 billion.
Looking ahead, Runway Growth continues to focus on prudently deploying capital to support high-quality, late-stage companies. With approximately $319.9 million in available liquidity as of March 31, 2024, the company is well-positioned to execute against its long-term growth strategy and deliver sustainable shareholder value.
Runway Growth's commitment to providing flexible capital solutions is underscored by its disciplined approach to portfolio management and consistent partnership with borrowers. The company’s leadership in the venture debt ecosystem and strategic growth initiatives make it a significant player in the specialty finance sector.
Runway Growth Capital has closed a $25 million senior secured term loan for Revelle Aesthetics, aimed at supporting the manufacturing and commercialization of Avéli™, a new cellulite reduction device. The funding will bolster Revelle's marketing campaigns to enhance consumer awareness in a competitive yet recession-resistant medical aesthetics market. Revelle's device is FDA-cleared and targets a significant market segment focused on women's aesthetic needs. This partnership reflects a strategic move towards non-dilutive financing, allowing Revelle to maintain its capital structure while promoting its innovative product.
Runway Growth Finance Corp. (RWAY) reported a fourth-quarter net investment income of $10.9 million, equating to $0.28 per share, during fiscal year 2021. The annual investment income reached $71.4 million with a net asset value (NAV) of $606.2 million as of December 31, 2021. The company originated a record $216 million across six investments in Q4, contributing to a total investment portfolio of $729.5 million. The debt-to-equity leverage ratio improved to 13.4%. Additionally, the company announced an 8% increase in quarterly dividends to $0.27 per share for Q1 2022.
Runway Growth Finance Corp. (RWAY) has declared a Q1 2022 cash distribution of $0.27 per share, marking an 8.0% increase from the previous quarter. The declaration date was February 24, 2022, with the record date set for March 8, 2022, and payments scheduled for March 22, 2022. The company aims to distribute substantially all available earnings quarterly, subject to board discretion. Additionally, Runway Growth offers a dividend reinvestment plan for shareholders who do not opt-out, allowing automatic reinvestment of dividends into additional shares.
Runway Growth Capital LLC announced a term loan commitment of $13 million to Dejero, a telecommunications company specializing in diverse connectivity solutions. This loan marks Dejero's return to the Runway portfolio, reinforcing Runway's commitment to support its growth. Dejero aims to enhance its product offerings and availability through this funding. Both companies express confidence in the partnership, highlighting Dejero's strategic importance in the 5G and cloud connectivity market.
Runway Growth Finance Corp. (Nasdaq: RWAY) has successfully completed the second closing of a private placement of 4.25% Series 2021A Senior Notes due 2026, totaling $50 million, bringing the total raised to $70 million. The notes will mature on December 10, 2026, and interest is payable semiannually. The proceeds will be used to repay debt and for general corporate purposes. These notes are offered only to institutional accredited investors and have not been registered under the Securities Act.
Runway Growth Capital has finalized a $30 million senior secured term loan to EPIC IO Technologies, a leader in Big Data solutions utilizing AI and IoT. This move reflects increasing demand for growth financing from established firms. Mark Donnelly, Managing Director at Runway, noted the strong market fit of EPIC IO, while CEO Ken Mills emphasized the capital's role in advancing their mission in the IoT sector. The partnership aims to enhance EPIC's platform and growth in a rapidly evolving tech landscape.
Runway Growth Capital LLC has appointed Rachel Goldstein as Senior Vice President of Growth, aimed at enhancing deal flow and operational efficiency. Reporting to Mark Donnelly, Goldstein's role focuses on improving the sales funnel and implementing best practices to streamline origination efforts. With her prior experience at Lighter Capital, where she led significant growth in capital deployment, she is expected to leverage her skills to connect growth-stage companies with suitable capital sources. This strategic appointment is part of Runway's mission to support passionate entrepreneurs.
Runway Growth Capital announced a $75 million senior secured term loan to VertexOne, a leader in SaaS solutions for utilities in North America. This funding supports VertexOne's growth as it provides essential technology-driven services like Customer Information Systems and Mobile Workforce Management. Runway's Managing Director emphasized the rising interest in flexible debt solutions among private equity-backed companies, highlighting Runway's capability to structure loans tailored for growth opportunities. VertexOne's CEO expressed confidence in Runway's understanding of their market needs.
Runway Growth Finance Corp. (Nasdaq: RWAY) announced a rescheduled time for its fourth quarter and fiscal year 2021 financial results conference call, now set for March 3, 2022, at 3:00 p.m. PT (6:00 p.m. ET). The call will provide insights into the company's financial performance for the year. Participants can join by calling (844) 467-7753 and referencing conference ID 3790578, or through a live webcast available on the company's investor website for 90 days post-call.
Runway Growth Finance Corp. (Nasdaq: RWAY) will release its financial results for Q4 2021 and fiscal year 2021 on March 3, 2022, after market close. A conference call to discuss these results is scheduled for 2:00 p.m. PT (5:00 p.m. ET). Interested parties can join the call by dialing (844) 467-7753 or by accessing a live webcast on the company's investor website. Runway Growth specializes in providing flexible capital solutions to late-stage companies seeking alternatives to equity financing, regulated under the Investment Company Act of 1940.
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